KUALA LUMPUR: Operator of the ‘Rest N Go’ brand of vending massage chair services, RNG Tech Bhd, has garnered positive interest from investors for its initial public offering (IPO), which has been oversubscribed by 7.8 times ahead of its listing on the ACE Market of Bursa Malaysia.
Commenting on the oversubscription rate, managing director Datin Sophia Tan Sok Fei said the group is encouraged by the strong response to the IPO, which reflects investors’ confidence in its market leadership, established ‘Rest N Go’ brand, and regional growth prospects.
“The proceeds raised will support the expansion of our vending massage chair network, the refurbishment and upgrading of existing RNG stations and RNG premium outlets, as well as the strengthening of our operational capabilities.
“As we continue to expand our presence across Malaysia and overseas markets, we remain focused on enhancing customer experience, strengthening our digital system and growing our regional footprint.
“We believe these initiatives will further reinforce our leadership position in the vending massage chair industry,” she said.
RNG Tech is Malaysia’s largest vending massage chair operator by revenue, operating under the ‘Rest N Go’ brand, with a market share of 66.2% in 2025.
As of May 18, 2026, the group owned and operated 5,611 vending massage chairs across 1,438 RNG stations and RNG premium outlets in Malaysia, Singapore, Thailand, Cambodia and Brunei Darussalam.
In addition, a further 2,458 vending massage chairs are deployed in Vietnam and the Philippines under licensing arrangements.
RNG Tech IPO exercise entails a public issue of 126.1 million shares at an issue price of RM0.13 per share, raising gross proceeds of RM16.4 million for the group.
In addition, there is an offer for sale of 78.8 million existing shares, representing approximately 10.0% of the enlarged issued share capital of the group, by way of private placement to selected investors and Bumiputera investors approved by the Ministry of Investment, Trade and Industry (Miti).
Of the 39.4 million shares allocated to the Malaysian public, RNG Tech received 7,321 applications for 345.62 million shares valued at approximately RM44.9 million, representing an overall oversubscription rate of 7.8 times.
For the Bumiputera portion, 3,489 applications for 122.86 million shares were received, representing an oversubscription rate of 5.2 times.
For the public portion, 3,832 applications for 222.75 million shares were received, resulting in an oversubscription rate of 10.3 times.
Meanwhile, the 11.8 million shares available for application by eligible directors and employees have been fully subscribed.
Additionally, the private placement of 74.9 million shares and 23.6 million shares to Bumiputera investors approved by Miti has been fully placed.
The private placement of 55.2 million shares to selected investors has also been fully placed.
Notices of allotment will be posted to all successful applicants by July 3, 2026.
From the IPO proceeds of RM16.4 million, the group has allocated RM4.9 million (29.9%) for the set-up of new RNG stations and RNG premium outlets, RM2.2 million (13.3%) for the refurbishment and upgrading of existing RNG stations and RNG premium outlets, and RM1.0 million (6.1%) for marketing expenses.
A further RM3.0 million (18.3%) for repayment of borrowings, and RM1.1 million (6.8%) for working capital purposes.
The remaining RM4.2 million (25.6%) will be used to defray listing expenses.
RNG Tech is scheduled to be listed on the ACE Market of Bursa Securities on July 7, 2026.
Upon listing, RNG Tech will have a market capitalisation of approximately RM102.4 million, based on the IPO price of RM0.13 per share and its enlarged issued share capital of 788.0 million shares.
M&A Securities Sdn Bhd is the adviser, sponsor, underwriter and placement agent for the IPO exercise.
